Find Bill
Find Your Legislator
Legislative Deadlines
Sept. 25, 2020
RSS Feed Permanent URL -A +A

2012 Statute



Prev Article 9. - SECURED TRANSACTIONSNext


84-9-622.Effect of acceptance of collateral. (a) Effect of acceptance.  A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

(1) Discharges the obligation to the extent consented to by the debtor;

(2) transfers to the secured party all of a debtor's rights in the collateral;

(3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and

(4) terminates any other subordinate interest.

(b) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this article.

History: L. 2000, ch. 142, § 120; July 1, 2001.



Prev Article 9. - SECURED TRANSACTIONSNext
2020. Powered by KLISS. Rendered: 2020-09-25T07:10:10. Head Rev No: 345400